What is TRON - A Complete Guide

Founded by Justin Sun, Tron is now governed by Tron Foundation. The purpose of Tron is to build global free content entertainment system, utilizing blockchain technology. A steady rapid growth of Tron has made many people proclaim it as the next big thing. This article will list everything that one needs to get started with Tron.

The concept

Tron is backed by Tron foundation, a Singaporean non-profit organization in 2017 with the aim of creating a content entertainment ecosystem to allow the sharing of digital media through the blockchain based digital ledger technology. Users of the platform can store and share their data easily, eliminating the need for middlemen between the content creators and the users. The current market capitalization stands at $5.97 B as of writing this article and it reached its peak of $144B in the past. While this has mainly been due to its unique concept, with TRONIX being the first p2p platform that basically performs the same functions as Google play or Itunes.

With TRON having recently made its code open source, its value is expected to keep on increasing over the next few years, making it one of the hottest cryptocurrencies in the market. Though scope of Tron was limited to entertainment industry viz mainly for gaming, online gambling and online entertainment, but its vision is now includes the decentralized web. Comparing to social media platforms like Facebook which holds most of the user data, decentralized web will help users to control their data without transferring to third party.

What does it offer?

Tronix is the official currency of the digital media platform TRON, which aims to eventually provide blockchain and peer to peer network technology. The currency aims to target the digital media industry that is valued at around 1 trillion dollars. TRON allows total liberation of data with no censorship and control over the digital media that its users put on their platform. The users who sell their content will be able to receive the entire proceeds of their content, allowing them to obtain digital assets through the media. The founders have big plans for the cryptocurrency’s future, and all signs indicate towards a big future for the futuristic platform. The platform also has plans to allow a system of distributed digital media exchange, along with additional market forecasting features. This means that the platform will allow users to exchange movies and songs with other digital media, creating a system similar to a barter exchange of sorts. This will allow digital content creators, such as a creator of a viral game to directly sell it to his customers in exchange for cryptocurrency or other forms of digital media.

Unique platform

In today’s entertainment industry, various middlemen operate in the distribution processes, often ending up taking a huge slice of profits from the content makers. Amazon Prime, for example, offers its users access to movies and other digital media on the payment of some fees. A similar arrangement exists in the case of Netflix and Hotstar, and often the ones who create the content, and are the rightful owners of all the proceeds of their said content, end up having to pay a majority of the profits to them. TRON aims to become a truly decentralized internet platform where users can share and charge for their content directly to their customers, making it a business idea that has been accepted very well in the market.

Decentralized internet

Justin Sun, the founder TRON, describes the platform as an ambitious project dedicated to building the foundations of a decentralized internet. Currently, the digital media providers of the internet charge various other additional fees to the producers to get the content on their platform. TRON allows its users to directly sell the content to the consumers. The result is the saving of costs on the middlemen, allowing the consumers of the content to directly pay the content creators money for their data. With cryptocurrencies currently undergoing a boom, it is only a matter of time before digital media owners consider it as the next step ahead.

Low costs

Recently, TRON launched its test net for its first project called Exodus. The project is expected to launch on 31st May 2018, and has the capacity to service around 1000 transactions per second. Moreover, the project allows the TRX based transaction fees to be at around 0.0001 TRX, which roughly translates to around twenty thousand transaction per .001 US dollars. This makes the transaction fees the lowest among all the leading cryptocurrencies. With such a unique concept and the potential savings that content creators can enjoy by the use of TRON, the cryptocurrency’s value looks set to grow.

At terms with the future

The 126 node TestNet for Tron is already live among different continents viz United States, China, Spain, Vietnam, Germany, India, the U.K, as per the tweet by Justin Sun.

Out of 6 phase roadmap, Exodus, TRON’s mainnet will be launched around the corner as of writing this article ( 22 days). Mainnet is the blockchain network where actual transactions will take place. It will be launched on 31st May 2018. Odyssey, the next phase that is expected to go live around January 2019, will expand the use of the blockchain technology and allow the creation of monetary incentives for the creation and promotion of digital media content on TRON. The Odyssey update is already applied to mainnet. It means mainnet is very much a possibility and its running.

`

After full-fledged migration to mainnet there will not be any dependency on Ethereum blockchain. Tron will be a completely independent cryptocurrency with its own underlying blockchain network.

The founders already recognize the potential that TRON possesses of emerging as the first form of decentralized internet where users will be able to freely exchange digital media. TRON’s future goals not only include reshaping the way digital media content owners sell their content on the internet, but also to completely transform the way all kinds of transactions are made. In the future, TRON aims to build a platform where it would be possible to earn TRX by performing various jobs that other users put on the platform, also having the option to then exchange the earned cryptocurrency for a takeaway food parcel at your favorite restaurant. Only time will tell how far the platform will go.

Great Voyage, Apollo and Star Trek

Great Voyage, Apollo and Star Trek are names of the third, fourth and fifth stages of the platform. The third and the fourth stages have plans to allow users to create branded tokens or individual ‘Initial Coin Offerings’ or ICOs. While in the past, Ethereum and other blockchain ICOs have led to price drops in the cryptocurrency’s value due to the network congestion that comes with the increased transactions, TRON has managed a steady increase due to its plans to integrate the platform with the various features.

Eternity

TRON’s final stage that is planned to launch in 2025 is called Eternity. The final phase of the platform plans to allows its users the ability to fundraise and monetize out of community growth. It will be possible for users all over the world to collectively raise money for common causes, allowing users to make a change in people’s lives without having to leave their homes. The platform has congested future fixtures and has plans to create a fully functional digital media platform within the next decade. With it’s value seeing a continuous growth, the future is surely good for the cryptocurrency.

What do you think? Will the platform ever succeed in a digital market full of big conglomerates like Youtube and Netflix? Let us know in the comments below.

PC:tron.network

Don't be left Behind! Sign up for daily updates delivered directly to your inbox.

Built on R3’s blockchain platform, Corda, the Euro Debt Solution application has successfully completed a live commercial paper transac...

Instagram

TL;DR ToS

NOTHING on this website should be construed as financial advice or a solicitation of investment. Digital currencies and tokens are emerging technologies that carry inherent risks of high volatility. We strongly recommend that you consult your financial advisor before investing, speculating or trading in any currency, digital currency, or security. Decisions based on information contained on this site are the sole responsibility of the user, and in exchange for using this site, you agree to hold Sutram Internet Private Limited and/or TechSutram and its partners, owners, authors, and affiliates harmless against any claims for damages arising from any decision you make based on such information. See full terms and conditions for more.

Call for Writers

We are always looking for quality content, news, and analysis about Blockchain / Cryptocurrencies, Cloud computing, IoT and AI. If you have an article you'd like to have published to our audience please reach out to write@techsutram.com

TechSutram is independent publication to let people know how Blockchain, Cloud Computing, IoT, AI and Startups ecosystems are working together.